Real Estate Investing: Why are people buying at these prices? |
- Why are people buying at these prices?
- Financing a 3rd or 4th property
- Nonconforming Units in Los Angeles -- Is this a real problem? (First Time Investor Question)
- Where did you find your mentor?
- Have you started seeing house price drops or foreclosures in your area?
- The human element: how bothersome are your renters?
- Crowdfunding Platforms for Large Multifamily?
- Timing of purchases for best DTI
- Investing with a partner
- Question: Rehabbing a rental and need your help!
- Under Contract @ 500K, Appraised @ 640K
- Is this deal worth it?
- Sub-to or wholesale?
- Looking to buy first-time rental property to create cash flow (Beginner)
- Is there a way to purchase a house at market value after home owner passes and had 2x home value in liens/second mortgage?
- Accounting Knowledge for Real estate Investment
- Alternatives to Wall AC Units
- Are we due for a correction?
- What has to happen to make building more profitable?
- Maintenance and deprecation of 30-40 year old renovated flats vs. 10 year old ones?
- Anyone using Facebook Ads?
- Best way/best service to build a landing page to capture leads?
- Refinance with Citibank or Mortgage Broker
- More than 4 mortgages
| Why are people buying at these prices? Posted: 10 May 2020 03:51 PM PDT I have been looking and analysing 2 to 4 unit properties in the Dallas/ft worth area and the #s just don't make sense at the listing asking price and those properties get sold fast. I use the bigger pockets calculator and unless I am doing it wrong most have negative cashflows. [link] [comments] |
| Financing a 3rd or 4th property Posted: 10 May 2020 08:22 PM PDT I am trying to pick up my 3rd property, but my mortgage broker tells me my income can't support the extra mortgage, even though the rents would more than cover the carrying costs. I'm wondering how other investors are approved for more mortgage debt, whether it be there 3rd, 4th or 8th property based on their income. I have to believe there is another way that isnt limited by ones income or else everyone would eventually run out of borrowing power, yet I see some people with 100 or more doors. So how are these properties financed once your income cant support the mortgages? [link] [comments] |
| Nonconforming Units in Los Angeles -- Is this a real problem? (First Time Investor Question) Posted: 10 May 2020 11:58 PM PDT I'm looking at getting into my first investment property in LA. It's in an up and coming area and the accepted offer is just under $1m. Legally, it's a duplex, but there are two "nonconforming" units. One is a funky garage conversion that *might* be able to be flipped to being legal using the ADU rules (I'm going to try to figure that out during the inspection period). The other is clearly never going to be legal. Here's the deal: with the two legal units only, the property covers mortgage, taxes, and insurance. When the other two units are added in, rent wise, it becomes cash flow positive by about $2000 per month (though certainly some of that money will go to maintenance, water bills, etc.). In any case, by the standard of the market here, this is a good deal. I've been looking for 9 months now and it's incredibly hard to find anything in an even remotely desirable area that is even vaguely cash-flow positive. And, this is a cool building and a big lot with some nice features. So, what to think about the illegal units? I have gotten a range of answers from people, ranging from "don't worry about it" (what the agent says), to "it's a concern but not fatal", to "stay away because you should only value the legal units' rent when calculating the value of a property". Intuitively, I think that LA is in an insane housing crisis, so it's hard for me to imagine the city wanting to take units off the market proactively, even if they aren't legal. However, I can imagine that if any of the tenants in those units got upset with me, they would have some significant leverage (however, they'd also be leveraging themselves out of an apartment...). Significantly, no one has been able to give me any real world examples of illegal units being an issue. So, I turn to Reddit! Any actual knowledge here on this issue? Has anyone dealt with a similar situation? Failing that, any reasonably informed opinions? Thank you!!! [link] [comments] |
| Where did you find your mentor? Posted: 10 May 2020 04:46 AM PDT Im 23, a recent graduate located in Central Eastern Europe. I have always wanted to get into real estate investing so I would like to find a mentor who I could help / learn from and maybe partner up with later on. Any ideas? Where did you find your mentor? [link] [comments] |
| Have you started seeing house price drops or foreclosures in your area? Posted: 10 May 2020 01:50 PM PDT Have you started seeing house price drops or foreclosures in your area? [link] [comments] |
| The human element: how bothersome are your renters? Posted: 10 May 2020 11:38 PM PDT I'm thinking if it's worth receiving an extra 10% or so when buying two cheaper properties compared to one more expensive apartment. Is it a lottery or people generally not bother the land lord? I assume only if something goes wrong which is like every 6 months? So just thinking out load of it makes sense to get less $ but have 2x less things going wrong. [link] [comments] |
| Crowdfunding Platforms for Large Multifamily? Posted: 10 May 2020 12:48 PM PDT Hi! Just wondering if anyone here has had any experiences using platforms like RealtyMogul for crowdfunding large multifamily deals? I looked into a few a while back, but never really made any conclusions. I did use Patch of Land for a couple of flips and they were ok, but not for anything large enough to require multiple investors. Just curious! [link] [comments] |
| Timing of purchases for best DTI Posted: 10 May 2020 11:01 PM PDT I'm looking to buy a traditional investment property as well as a vacation cabin. I figure I'll have to get the rental first because otherwise my DTI would be shot if I got the second home first - right? Even if I AirBnB it, I'd need a year of short-term rental income to counteract the debt. Okay, I think I have the proper order of operations down. Now, I'm working on a refi of my primary and I'm wondering if I have room to spare to make it a cash out refi with respect to DTI for these next purchases. The monthly difference will be $150 between cash out refi vs straight refi. With my income at $89k and a primary mortgage of $1,150 + the second home mortgage of let's say $1,500 and a revolving credit card payment of $1,000 - it's going to be very close to 40 - 45% DTI. I don't want to ruin the second home loan because I did an optional cash out on my primary now. To drill down even more, I'm reading that credit card balances count against DTI of course, but that living expenses don't. I put groceries, utilities, etc. on a credit card for convenience, but if I had to I suppose I could pay cash for a month or two before applying for these loans in order to keep the revolving balance down as low as possible. Is that really necessary though? [link] [comments] |
| Posted: 10 May 2020 08:45 PM PDT Hey everyone, I have a question about investing with a partner and just get a general advice. A little bit background: I will be entering last year of university studying accountancy, have about 15k liquid and no debt. A friend of mine, 21, is a real estate broker also with no debt and a decent saving. We both want to invest into SFH, and eventually get big. We just started looking at different properties, and learning about RE. We probably would want to buy in ~1 year. Let me know what you think about this. Also, from corporate structure standpoint, would you recommend LLC for us? Thanks! [link] [comments] |
| Question: Rehabbing a rental and need your help! Posted: 10 May 2020 06:28 PM PDT Question: Can i remove the large floor joists? Wood has rotten from moisture & termites & Id like to remove them & place floor joists at the floor since there's a concrete floor/foundation that looks good. The rooms ceiling is also about 6 1/2 & doing this will increase increase height to 8ft Photos of room: https://imgur.com/user/erikcastel [link] [comments] |
| Under Contract @ 500K, Appraised @ 640K Posted: 10 May 2020 10:08 AM PDT Hey Guys, Trying to do this deal in the most efficient way. Here's the pertinent detail. Under Contract at 500K. Current Appraised Value is 640K. I can buy with hard money and refi in 3 - 6 months, but I'm wondering if there's a way I can skip that part and automatically get a 75% - 80% LTV loan on the 640K. Looking to get into this deal with as little money out of pocket as possible. Another idea I had that may or may not work is asking the seller to finance me for 6 months and then do a refi... Are there any loan programs that will lend based on Appraised Value even if it's damn near 100% of purchase price? [link] [comments] |
| Posted: 10 May 2020 08:09 PM PDT It is becoming harder and harder to find good cash flowing properties in my area these days. A condo just went on the market down the road from where I live. Do you think it's worth it to buy and rent if it cash flows $200/month? PITI and HOA would be around $750/month. Rent would be $1000 or more. Besides the usual condo issues, good idea? [link] [comments] |
| Posted: 10 May 2020 06:26 PM PDT I was in prop stream and found a house with liens from a couple I know personally in town. Here are the stats: Owned 5 year 8 mos. Purch price $152,500 ARV 180k approx loan left 110k 4 BR / 3BA 2 car garage good neighborhood. They have 2 county tax liens, one from 4/2019 and 3/2020. Each are $4,200 to equal about $8,400 total tax lien. In Feb of 2019, they had it listed on the MLS, but my database doesn't give me how many days on the market, only the list price, which was $154,000. The house didn't sell. There are some interior paint colors that are not neutral enough, and would have to be changed to sell to the general public. I doubt they have the money for this. In early March I saw on FB that they were having a yard sale because they were moving. That coincided with the time the second lien was recorded. They own another house, and according to records are living there. Perhaps they rented the default property out. No matter what is going on in their life, as of 5/5/20 when I pulled my local tax delinquent list, they still had made no payments toward the liens. I want to approach them with a solution. I have the money to pay their tax lien, but if they have a tenant in place, I am unsure if they would be open to a "sub-to". A wholesale doesn't seem to fit this scenario. Any ideas on how I can help them? I actually really want to help them vs. just making a profit. [link] [comments] |
| Looking to buy first-time rental property to create cash flow (Beginner) Posted: 10 May 2020 03:51 AM PDT What's going on guys? A little about myself here, I'm 25 years old from the Boston area, currently in the Marine Corps, and have roughly about 15 months left of service. Once I get honorably discharged, I was thinking of either using my VA home loan or an FHA loan to purchase a multi-family home in Massachusetts or Rhode Island (currently leaning towards FHA so I can use my VA for another property). I am really starting to take an interest in real estate investing so I was hoping to buy a triplex and rent out 2 units and live in the last one to create some solid cash flow. Eventually I would like to buy another rental property and move into that one while completely renting out my older property and keep this cycle going. I also attend to use my military benefits to the fullest and attend BU tuition-free and with BAH which generates 3k every month in my pocket while in school. While in school I plan to become a real estate agent as well and work another side job if possible. I am here to ask for any advice and to see if there is anyone in the same shoes as me, being a future first-time rental property owner. Lastly I noticed a lot of multi-family listings in the North Shore, Boston, and Worcester area have been priced for 100k-150k more for what they were bought in the last 2 years with little to no renovation! Does anyone have any insight on that? Maybe due to this COVID situation? I appreciate any advice and guidance that you guys will leave in the comments. Thanks in advance [link] [comments] |
| Posted: 10 May 2020 08:17 AM PDT A year ago my neighbors house caught fire and they boarded it up, put caution tape around it and I never saw them again. Noticed the house is on Zillow as pre foreclosure. I tracked down the owners names but since they were in their 90s they don't have a social media presence. I was able to get in contact with their only daughter who told me they passed recently (unrelated to the fire). She lives almost 2,000 miles away and has no interest in moving back. She said before the fire her parents were scammed into taking out another loan on the house. The house would have a market value of maybe 375-425 in good condition. She said it has over 200k in liens now. The sale would have to exceed 600k to pay off everything according to her. I've only been in this game for a year now, so I don't know much. But are there any ways for me to get the house at market value? Or is waiting for auction the only way? [link] [comments] |
| Accounting Knowledge for Real estate Investment Posted: 10 May 2020 08:11 AM PDT Howzit guys. I am in college for Mechanical Engineering, however will also be getting not just my foot, but also my whole body in the door for investing. ACCOUNTING, I was told is ideal to know for investing. Since I'm in school, would it be ideal to do a minor in accounting as well? Or is this something I can learn through YouTube and other online courses? Also to note, money for both subjects would be covered with GI bill. [link] [comments] |
| Posted: 10 May 2020 06:30 PM PDT What are some possible alternatives to these inefficient old school window shaker AC Units? One issue is that an asset we have under contract has blockouts in the concrete walls for these window or wall units. What options do you have experience with for replaving these? [link] [comments] |
| Posted: 10 May 2020 04:32 PM PDT I have been looking for a small multi family for almost a year and I've been watching the market for several and it just seems to keep climbing (Boston suburbs). I know it's supposedly cyclical but it's been ripping upwards for 10 years now with no end in sight. I have an accepted offer on a triplex that appears to be a good deal based on comps but the numbers are still shit (see previous post). Time in the market beats timing the market but I don't see how much higher it could go unless rents keep climbing with it. 24 year old looking for his first house, would you wait it out or take the plunge? Any insight is appreciated [link] [comments] |
| What has to happen to make building more profitable? Posted: 10 May 2020 04:30 PM PDT I see that building is generally more expensive and not worth it compared to just buying. Why is it so expensive? Like with the whole oil over production going on making oil prices cheap, what has to happen to make it actually worth building for investors? Or am I just misunderstandings the whole thing which is a possibility. [link] [comments] |
| Maintenance and deprecation of 30-40 year old renovated flats vs. 10 year old ones? Posted: 10 May 2020 07:40 AM PDT Hi guys, Has anyone done any calculations based on buying old flats vs. newish ones? When you add maintenance costs and higher probability of pipe leakage or other disasters of those living above you, etc? I'm wondering if when thinking long term, if it's still worth buying older apartments when in 20 years these flats will be like 60 years old and possibly start losing real estate value compared to newish that should grow? [link] [comments] |
| Posted: 10 May 2020 02:49 PM PDT Is anyone here using facebook ads to attract sellers? I'm testing and looking for some good keywords/interests to ad to my audience. So far I have Zillow, Trulia, Real estate investing, First time buyer, For sale by owner, Holiday cottage, Home equity loan, Refinancing house, House hunting How long did it take you to start seeing results? [link] [comments] |
| Best way/best service to build a landing page to capture leads? Posted: 10 May 2020 06:04 PM PDT I've begun sending out direct mail, and was wondering what others use for a website landing page. I don't have one at all right now. I just included my phone# and email. What site/templates are you using for a landing page? How has this impacted your performance in luring in sellers? [link] [comments] |
| Refinance with Citibank or Mortgage Broker Posted: 10 May 2020 07:57 AM PDT Hey all, we bought our home 5 years ago with FHA and looking into refinance, we were at 4.375 interest rate. We went back with the broker that we worked with 5 years ago and got a rate 3.75 on a conventional loan, we also have a bank account with Citi so we reached out and got a rate of 3.625. My question is if I go with Citi would there be any benefit other than the lower interest rate or should I try to buy down points with mortgage broker We live in NYC if that matters and first time refinancing [link] [comments] |
| Posted: 10 May 2020 05:09 PM PDT Hello I currently own 3 homes in Ohio that I rent out, and own my own home. How do I get more than 4 mortgages? [link] [comments] |
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